Wet Feet - Online Marketing and Real Estate Investing Blog

From time to time i bump into investors who want deals on a silver platter, zero down and no need to borrow money.

I would like a dozen of those too, but I have to disappoint you - buying a home with no money down and without getting the loan is impossible.

You either:
A. Buy with no money down by getting a loan and including closing and acquisition cost into the loan or
B. Buy by taking over payments and do not get the loan, but pay the closing and acquisition costs.

To buy a home you will have to close and that means attorney fees, recording fees, transfer tax, title search, title insurance and other misc. fees have to be paid by someone. You would like the seller to shell out couple grand to give you their house, would you? I would, btu have not met such owner yet.

And to acquire the property you have to market to attract sellers, go out research the property, make offers, negotiate with sellers, sign the contract, do due diligence on the property and the loan. All this takes time and money. even if you do it all yourself you will have to spend money. If you go with the real estate agent it will cost you even more, 3-6% of the sales price.

So when I say I will bring you a deal on a silver platter, but you have to choose… either it is A or B - you can not eat your cake and have it too.